The global vegan ice cream market reached a value of US$ 592.8 million in 2021. Looking forward, the market is projected to reach a value of US$ 833.8 million by 2027, exhibiting a CAGR of 5.45% during 2022-2027.
Vegan ice cream is prepared with soy, cashew, almond, coconut or other plant-based milk. It contains substantial amounts of fat and delivers delicious flavor and rich creaminess like conventional variants. It is widely available in numerous varieties, including pint-sized containers, ice cream sandwiches, drumsticks, and fudge bars. At present, market players are offering innovative flavors of vegan ice cream, including dark chocolate, almond sea salt, cherry cashew, mint chip, peanut butter, pistachio, strawberry, vanilla, fudge brownie, raspberry, coffee hazelnut, and salted caramel.
The emerging trend of veganism on account of the rising health consciousness and increasing awareness among the masses about cruelty against animals represents one of the key factors bolstering the market growth. This can also be attributed to shifting individual preferences towards plant-based diets and animal-free, ready-to-eat (RTE) products.
Apart from this, the growing lactose-intolerance population worldwide, in confluence with inflating per capita income levels, is catalyzing the demand for premium vegan ice cream in exotic flavors like lemon poppy seed, pink champagne, and chai tea coconut. In addition, key players operating in the industry are introducing innovative vegan ice cream variants, such as gluten-free cones, made using natural ingredients and without emulsifiers, artificial colors, and stabilizers.
Furthermore, these players are also investing extensively in endorsements by celebrities and athletes and focusing on promoting their products through social media platforms and online retail channels to expand their global consumer base. This, along with the thriving e-commerce industry and numerous initiatives undertaken by non-government organizations (NGOs) to encourage the uptake of vegan food products, is anticipated to offer lucrative growth opportunities to industry investors.
